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OCII authorizes ENA and $3.5 million predevelopment loan for 140 permanently affordable units at Candlestick Point
Summary
The Successor Agency authorized an exclusive negotiations agreement with Tenderloin Neighborhood Development Corporation and Young Community Developers and a $3.5 million predevelopment loan to advance a 140-unit permanently affordable housing project on Candlestick Point Block 10A; the commission stressed outreach to Certificate of Preference holders and cost controls to preserve tax-credit eligibility.
The Successor Agency to the San Francisco Redevelopment Agency on Dec. 6 authorized an exclusive negotiations agreement (ENA) and a $3,500,000 predevelopment loan to Tenderloin Neighborhood Development Corporation (TNDC) and Young Community Developers (YCD) to advance the development of 140 permanently affordable rental units at Candlestick Point North, Block 10A.
Gretchen Heckman, a development specialist with OCII’s housing division, told the commission the parcel is part of the Candlestick Point and Hunters Point Shipyard phase 2 disposition and development agreement and that the program environmental impact report adequately covers the action. The project program calls for 140 units (including one manager’s unit), with 25 percent set aside for formerly homeless households (restricted to households earning up to 30 percent of area median income, cited in the presentation as roughly $26,000 for a two-person household) and the remainder targeted at households up to 60 percent AMI. Heckman said…
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